Yieldly — The World’s First No-Loss DeFi Lottery On Algorand
14 million dollars already staked and growing. Here is how to get started.
Yieldly (YLDY), launched on June 5, 2021, the first decentralized finance platform built on the Algorand blockchain, a proof-of-stake, fully decentralized, secure, and scalable blockchain founded by Silvio Micali in 2017. Already with $13.5 million in Algorand’s ALGO staked, putting Yieldly in the top 35 DeFi protocols by yield TVL according to Defillama.com.
Yieldly recently successfully passed a security audit by Halborn that is used by BlockFi, Coinbase, and Stellar.
Yieldly is simple to use once you are set up. It is also inexpensive and fast to move funds to your account as the Algorand blockchain doesn’t rely on mining.
If you are familiar with other DeFi applications such as Uniswap or Pancake they have made the UI simple and at the moment staking your YLDY gets 154.8% APY.
Let’s get started:
Step #1
You need to purchase Algos from an exchange. I used Coinbase.
Step #2
Set up a MyAlgo Wallet here. I have created a walkthrough for this if needed here:
Step #3
Transfer Algos from your exchange to your wallet. It cost me 0.002 Algo for the fee.
You are ready to use Yieldly.
In the top right of the screen, you will connect to your wallet.
Once connected your Algo balance will be available at the bottom of the screen.
At this point, you are ready to Stake your Algo.
I ran through my first time with only a few Algos to be safe. As you can see with my 3.82 Algo, you don’t need large sums of money to get started.
You will have to sign to opt-in on your first transaction.
You can type in your amount or choose a percentage, hit next and you are in the weekly lottery collecting 5.7% APY on your Algo.
Withdrawing your Algos is a simple process.
You go to the no-loss lottery tab and click on withdraw. Your money will be returned to your Algo wallet.
Moving forward
Yieldly is near the launch of cross-chain capabilities and has announced being carbon neutral making it a rare application in the blockchain world.
Having a DeFi application on Algorand will show the speed and low cost of how operating on the platform can be.
If you are interested in building on Algorand, they have a great developer community. You can also check out Reach, a development platform for Algorand. Here are 4 resources to get you started:
I’ll keep you posted if I win with my 2 dollar bet;)
Thanks for reading.
